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itxtme
1779 posts

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  #457384 11-Apr-2011 09:54
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My parents helped me with my student fees during studies. I worked out if I had put that money in a bank account and taken out the maximum funds I was eligible for I would have had in the tune of 60-70K of money sitting there earning interest. I could then pay it back at 10% of my wage for the next 20 years, and have a mortgage -70K. But I didnt do that listened to my mother as it was, if I could do it all again would I do it? Hell yes! How do the rich get richer?

Mooseboy
124 posts

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  #457396 11-Apr-2011 10:54
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itxtme: My parents helped me with my student fees during studies. I worked out if I had put that money in a bank account and taken out the maximum funds I was eligible for I would have had in the tune of 60-70K of money sitting there earning interest. I could then pay it back at 10% of my wage for the next 20 years, and have a mortgage -70K. But I didnt do that listened to my mother as it was, if I could do it all again would I do it? Hell yes! How do the rich get richer?


I don't see how you could get that much, Living Costs are worth around 5000 per year at most.

 
 
 
 


jbard
1373 posts

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  #457397 11-Apr-2011 10:56
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Mooseboy:
itxtme: My parents helped me with my student fees during studies. I worked out if I had put that money in a bank account and taken out the maximum funds I was eligible for I would have had in the tune of 60-70K of money sitting there earning interest. I could then pay it back at 10% of my wage for the next 20 years, and have a mortgage -70K. But I didnt do that listened to my mother as it was, if I could do it all again would I do it? Hell yes! How do the rich get richer?


I don't see how you could get that much, Living Costs are worth around 5000 per year at most.



Because instead of using his parents money to pay for fees he uses the loan and then invests his parents money in term deposits etc.  

itxtme
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  #457419 11-Apr-2011 11:42
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jbard:
Mooseboy:
itxtme: My parents helped me with my student fees during studies. I worked out if I had put that money in a bank account and taken out the maximum funds I was eligible for I would have had in the tune of 60-70K of money sitting there earning interest. I could then pay it back at 10% of my wage for the next 20 years, and have a mortgage -70K. But I didnt do that listened to my mother as it was, if I could do it all again would I do it? Hell yes! How do the rich get richer?


I don't see how you could get that much, Living Costs are worth around 5000 per year at most.



Because instead of using his parents money to pay for fees he uses the loan and then invests his parents money in term deposits etc.  


Exactly

paragonOfGeek
95 posts

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  #457453 11-Apr-2011 12:32
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The interest on student loans should not be applied if you WORK AND PAY TAX in NZ. However if you decide to go work over seas then sure apply the interest.

I know the collection of money from the overseas ex-students is a bit of a hassle, but the government does have deals with many foreign governments with regard to collecting this money.

A few people have said that we should encourage students to stay by having a bonus to staying here, this plan has merits but would need to be trialled to see if it actually reduced the number of students leaving. And if not eliminated.

Disclaimer: I have a fairly significant student loan, as an engineer I know that I could earn better money overseas. However I like NZ my family is here and I want to stay. If the government re-applies interest to the student loans...I would seriously consider following the better money in some other country. 

mudguard
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  #457579 11-Apr-2011 18:58
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What would happen if they dissolved the scheme?
Let anyone who is in current study finish. But then make it user pays.
So uni numbers would plummet, unemployment increases.
What would the government then use the additional money for?
As for the loan repayments, perhaps an incentive to stay would be a better idea. I think interest should be charged at the conclusion of study. But I wonder if increasing numbers of students devalues degrees.

Or is still a small percentage that actually graduate population wise?

wreck90
780 posts

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  #457588 11-Apr-2011 19:23
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mudguard: What would happen if they dissolved the scheme?
Let anyone who is in current study finish. But then make it user pays.
So uni numbers would plummet, unemployment increases.
What would the government then use the additional money for?
As for the loan repayments, perhaps an incentive to stay would be a better idea. I think interest should be charged at the conclusion of study. But I wonder if increasing numbers of students devalues degrees.

Or is still a small percentage that actually graduate population wise?



Actually, I think this is a good thing - there are too many average students going to university.

I say, bring back the elitism to our uni's.   Only the best qualify.

Bump the rest into trades and useful jobs.  

 
 
 
 


acetone
118 posts

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  #457717 12-Apr-2011 10:16
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itxtme: My parents helped me with my student fees during studies. I worked out if I had put that money in a bank account and taken out the maximum funds I was eligible for I would have had in the tune of 60-70K of money sitting there earning interest. I could then pay it back at 10% of my wage for the next 20 years, and have a mortgage -70K. But I didnt do that listened to my mother as it was, if I could do it all again would I do it? Hell yes! How do the rich get richer?



If I did this i would only get about 48k.  What did you study and for how many years?

codyc1515
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  #457733 12-Apr-2011 10:43
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mattRSK:
amford: Then make it illegal for them to leave for more than 6 months at a time. 


So you have to stay in NZ until your loan is payed off. That will never work. 

I thought they kept people in NZ if they hadn't paid their fines, why not do the same for the Student Loans?

paragonOfGeek
95 posts

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  #457761 12-Apr-2011 11:24
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codyc1515:
mattRSK:
amford: Then make it illegal for them to leave for more than 6 months at a time. 


So you have to stay in NZ until your loan is payed off. That will never work. 

I thought they kept people in NZ if they hadn't paid their fines, why not do the same for the Student Loans?


Student loan is not a fine! 

nickd
447 posts

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  #457999 12-Apr-2011 21:20
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@codyc1515: by extension of your idea, anyone who owes money to anyone else, be it mortgage on houses, HP, overdraft on accounts, loans for buying a car, should be a prisoner in their own country.....that doesn't seem very kiwi to me.

codyc1515
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  #458003 12-Apr-2011 21:23
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@nickd: I suppose you wouldn't mind me taking off overseas after my tax payer funded education and never paying it back?

Mooseboy
124 posts

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  #458026 12-Apr-2011 22:27
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codyc1515: @nickd: I suppose you wouldn't mind me taking off overseas after my tax payer funded education and never paying it back?


Thats a mighty leap between his statement and yours.

oldmaknz
536 posts

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  #458032 12-Apr-2011 22:43

Surely there must be some sort of clause prohibiting this? But yes, many of my friends do it, although I respect the taxpayer.

tomgeeknz
923 posts

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  #458034 12-Apr-2011 22:51
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I would do this but i actually need the money, and get allowance anyway. If i was going to borrow it would be because I needed the money. And thank you taxpayers of New Zealand, you are funding my training and up skilling so I too can become a functioning member of society like you.





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